Carrizo 3Q12: Record Revenue, Slight Loss, 1 Marcellus Rig
Carrizo Oil & Gas released their third quarter financial and operational update yesterday. The company, with drilling operations in the Marcellus and other shale plays, reported record revenue of $96.2 million in 3Q12 with a net loss of just under $1 million. The update says Carrizo plans to continue operating one drilling rig in the Marcellus, in northeastern PA, during the fourth quarter. They also say the Eagle Ford Shale is their primary focus for new investment.
Carrizo recently brought online 10 new wells in the Marcellus in Wyoming County, PA. The 10 wells are producing a collective 50 million cubic feet of natural gas per day on average. Highlights from the Carrizo 3Q12 update: